KLAC was a potential NEWSLETTER long (yes a long!) and we like the potential here at 54.50 for a pop to 56 first. Perfect bounce of our 54 major support like a trampoline and might conceivably be a bounce play for a bear flag rally. Traders were not ready to buy this off support for 7 weeks but maybe they will now. Our strategy is not to average down on losing positions, but to BUY OFF SUPPORT areas and KLAC at 54 was a bounce of a MAJOR support area. Still must be confirmed in the next few sessions, but we were prepared. Now if KLAC continues up (a big question mark) we'd have gotten in on the bottom not the top.
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